Taiwanese Court Hands Down Record Sentence for BitShine Ringleader

A Taiwanese court has handed down one of the harshest sentences in the country's crypto enforcement history to Shi Qiren, the mastermind behind the BitShine operation. The scheme orchestrated by Shi defrauded over 1,500 people and laundered more than NT$2.3 billion ($75 million) between January 2024 and April 2025.

The BitShine operation ran under two names: BitShine and BiXiang, both fronts for a company called Bixiang Technology. The scheme recruited individuals to purchase crypto tokens using cash at 45 physical storefronts scattered across Taiwan, then used USDT transfers to obscure where the money was going.

The court convicted Shi on 485 counts related to aggravated fraud and money laundering, and sentenced him to 22 years in prison, along with an additional 16 months for operating virtual asset services without required Anti-Money Laundering registration. The court also ordered forfeiture of NT$43.73 million in crime proceeds.